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Home 9 Firm News 9 Using The 30 Day Rule To Save

Using The 30 Day Rule To Save

by | Aug 6, 2014 | Firm News

The 30 Day Rule is something that everyone can use to cut down on their spending.   This savings tip can also help define the “Want” vs. “Need” items in your daily life.  

First things first, avoiding temptation is one sure way to keep from spending.   Don’t go to stores or shopping centers for entertainment. “Browsing” and “Window Shopping”  quickly lead to buying.    Going to the stores or mall to meander is just an encouragement to spend money you don’t really have on items you don’t really need. 

Don’t substitute shopping for entertainment and you’ll be one step ahead.

By definition the 30 Day Rule simply means that when you are considering making a purchase (particularly if it’s a costly spend), wait thirty days and then ask yourself if you still want that item. In 30 days, most of the time, you’ll talk yourself right out of the purchase. 

Here are the steps for the 30 Day Rule;

1.  Whenever you feel the urge to spend, force yourself to stop. If you’re already holding the item, put it back. Leave the store.

2.  When you get home, take a piece of paper and write down the name of the item, the store where you found it, and the price. Also write down the date.

3.  Now post this note someplace obvious: a calendar, the fridge, a bulletin board. 

4.  For the next thirty days, think whether you really want the item, but do not buy it.

5.  If, at the end of a month, the urge is still there, then consider purchasing it. 

The 30 Day Rule is a surprisingly effective money saving strategy. This approach works especially well because you aren’t actually denying yourself — you’re simply delaying gratification. 

Even when you do decide to move forward with the purchase at the end of the 30 days, you have had the time to do some research on the targeted item. Look to see what other consumers though of the item.  What kind of warranty does the item have?   How does the competitor version of the item stack up?

In many instances, you may not need 30 days  Just taking 30 minutes to think before you buy could make a major difference.  It’s not uncommon to see people place items in their shopping cart then right before checkout, they tell the clerk that they have decided against the purchase.  Good for them!  

Cutting out impulse buys and using the 30 Day Rule can save you more than you probably imagine!  

 

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